UAE: NBQ logs $47.9mln net profit in Q1-24

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National Bank of Umm Al Qaiwain (NBQ) posted an unaudited consolidated net profit after tax of AED 175.73 million in the first quarter (Q1) of 2024, up from AED 139.15 million in the comparative quarter a year earlier.

Interest income surged to AED 229.78 million in Q1-24 from AED 165.79 million in Q1-23, according to the interim financial results.

The basic and diluted earnings per share (EPS) reached AED 0.09 in the first three months (3M) of 2024, up from AED 0.07 in the corresponding period in the year before.

The bank’s total assets rose to AED 14.82 billion in Q1-24 from AED 14.77 billion in Q1-23.

Customers’ deposits increased to AED 8.85 billion between January and March 2024 from AED 8.72 billion the year before.

It is worth noting that NBQ posted a net profit of AED 502.61 million in 2023, up 38% from AED 364.52 million in 2022.